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Deutsche Post head under fire, selling shares at key moment

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jemima
Posts: 272
Joined: 11 Sep 2007, 10:52
Location: Cantre'r Gwaelod

Deutsche Post head under fire, selling shares at key moment

Post by jemima »

Well, what did they expect? He's in the business of making money, isn't he? :crazy:

At least he wants to protect his workers' pay levels.

From http://www.earthtimes.org/articles/show/154153.html

"Deutsche Post head under fire for selling shares at key moment


Berlin - Deutsche Post Chairman Klaus Zumwinkel came under fire Thursday for selling share options after it became clear the German government would push through a minimum wage for the sector. Economics Minister Michael Glos queried the timing of the sale in remarks to the mass-circulation Bild newspaper

"Prominent business leaders should not needlessly place themselves under suspicion that they are profiting from expected monopoly returns," Glos said.

Deutsche Post rejected the criticism, saying there were only restricted windows when board members could sell shares, and Zumwinkel had made use of one of them in a legitimate way.

Deutsche Post shares have risen in recent days on news that the both sides of Chancellor Angela Merkel's "grand coalition" are now in favour of a minimum wage of close to 9 euros (13.50 dollars) in the sector.

Competitor PIN announced it would lay off 1,000 workers, more than 10 per cent of its staff, in response to the news. Dutch-based competitor TNT said it was considering legal action.

Deutsche Post surrenders its monopoly on delivering letters in Germany at the end of the year. It has already surrendered its parcel monopoly as part of the privatization process that began in 1991.

Zumwinkel, who sold his share options on Monday, cashing in 4.73 million euros to make a profit of almost 100 per cent, has been a vigorous critic of the postal liberalization programme instituted by the European Union.

Presenting half-year results in August, he referred to an "unparalleled slashing of worker benefits" and accused the European Commission of creating "chaos" in the postal market.

Deutsche Post's competitors in Germany were paying 40 per cent less than the starting pay at Deutsche Post. "A stop must be put to this," he said."
F0zziebear
MYSTERY MAN
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Joined: 31 Jan 2007, 23:45

re: Biggest hypocrits in existence

Post by F0zziebear »

I am absolutely disgusted at the blatant hypocracy of this man. His company goes round Europe buying up companies and competing against the incumbant then cries foul when it happens in his own back garden.

As you know I am not some left leaning hippy, but when things like this happen I am tempted. This guy has obviously (though legally) profited from inside information and is literally sitting in his ivory tower counting his dosh (See the Deustchepost tower).

F0zz
TrueBlueTerrier
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Re: re: Biggest hypocrits in existence

Post by TrueBlueTerrier »

F0zziebear wrote:---------------- is literally sitting in his ivory tower counting his dosh (See the Deustchepost tower).

F0zz
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